Low HOME Rent definition

Low HOME Rent means a monthly Rent that does not exceed the maximum rent published by HUD for a Very Low Income Household for the applicable bedroom size as set forth in 24 C.F.R. 92.252(b).
Sample 1Sample 2Sample 3
Low HOME Rent means a monthly Rent that does not exceed the maximum rent published by HUD for a Very Low Income Household for the applicable bedroom size as set forth in 24 C.F.R. 92.252(b). (gg) "Low Income Household" means a Tenant (i) with an Adjusted Income that does not exceed eighty percent (80%) of Median Income, with adjustments for smaller and larger families, except that HUD may establish income ceilings higher or lower than eighty percent (80%) of Median Income on the basis of HUD findings that such variations are necessary because of prevailing levels of construction costs or fair market rents, or unusually high or low family incomes, as such definition may be amended pursuant to 24 C.F.R. Section 92.2, and (ii) that is not an individual student not eligible to receive Section 8 assistance under 24 C.F.R. 5.612.
Sample 1
Low HOME Rent means a monthly rent amount that does not exceed the area 50% rent limit, as determined by HUD, with a utility allowance deduction, approved by the City, for all utility costs to be paid by the tenant.
Sample 1

Examples of Low HOME Rent in a sentence

  • If the tenant occupies a Low HOME Rent unit, the steps also depend on whether or not the tenant is low-income.

  • Two units (one of each bedroom size) are designated as Low HOME Rent units.

  • Note: During credit underwriting, the credit underwriter will verify that the Low HOME Rent Units are distributed across the unit mix on a pro-rata basis.

  • This unit must be rented to a very low-income tenant, at no more than the Low HOME Rent.

  • Nonetheless, because this property has fixed units, the owner must redesignate Unit 301 as a Low HOME Rent unit in order to restore compliance to the property.• Unit 105 is redesignated as a High HOME Rent unit.

  • Complete the Unit Mix Chart listing the total number of bedrooms per unit, the total number of bathrooms per unit (including half-baths, if applicable), the total number of units per bedroom type, and the number of units that are Low HOME Rent Units and High HOME Rent Units.

  • It must be rented to another low-income tenant, at no more than the High HOME Rent.Scenario 2: The tenant in Unit 105, a one-bedroom Low HOME Rent unit, goes over-income when the owner/manager recertifies his/her income.

  • This float ensures that the required number of Low HOME Rent units (by bedroom size) is maintained throughout the affordability period, even when a tenant becomes over-income.In a property with fixed HOME units, the HOME-assisted designation never changes.

  • Once a new Low HOME Rent unit has been designated, the Low HOME Rent unit that is occupied by the over- income tenant must be redesignated as a High HOME Rent unit.

  • In a property with fixed HOME units, the designation of the HOME-assisted units as High HOME Rent units and Low HOME Rent units may need to change in order to maintain the required unit mix, although the unit designation as HOME-assisted or non-assisted does not change.


More Definitions of Low HOME Rent

Low HOME Rent means the maximum allowable rent for an Assisted Unit pursuant to Section 2.2(a) below.
Sample 1
Low HOME Rent means a monthly rent amount that does not exceed the area 50% rent limit, as determined by HUD, with a utility allowance deduction, approved by the Department, for all utility costs to be paid by the tenant.
Sample 1

Related to Low HOME Rent

  • Lease Rentals means, for any period, the aggregate amount of fixed rental or operating lease expense payable by the Company and its Restricted Subsidiaries with respect to leases of real and personal property (excluding Capital Lease Obligations) determined in accordance with GAAP.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Additional Rental has the meaning set forth in Section 4.03.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Additional Rents means amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant’s allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or xxxxxx’x wages or otherwise.

  • Rental means the Supplier’s charging rate for the hire of the Hire Goods which is current from time to time during the Hire Period;

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Residential Rental Unit means an area legally licensed or permitted for use as a living space containing a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink, all of which are separate and distinct from other Residential Rental Units. Reg. §§ 1.103-8(a) 8(i).

  • Rentals of a Person means the aggregate fixed amounts payable by such Person under any Operating Lease.

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • Advance Rent means moneys paid to the landlord to be applied to future rent payment periods, but does not include rent paid in advance for a current rent payment period.

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • Minimum Rent means the sum of Thirty-Three Million, Six Hundred Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55) per annum.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Initial Rent means [ ] (£[ ]) STERLING yearly (exclusive of any VAT);

  • Insurance Rent the sums described in paragraph 1.1 of Schedule 4; “Insured Risks” the risks of fire (including subterranean fire), lightning, explosion, storm, flood, subsidence, landslip, heave, earthquake, burst or overflowing water pipes, tanks or apparatus, impact by aircraft or other aerial devices and any articles dropped from them, impact by vehicles, terrorism, riot, civil commotion and malicious damage to the extent, in each case, that cover is generally available on normal commercial terms in the UK insurance market at the time the insurance is taken out, and any other risks against which the Landlord reasonably insures from time to time, subject in all cases to any excesses, limitations and exclusions imposed by the insurers;10

  • Rental housing means development of a building or structure with four or more dwelling units all of which are intended for use as rented residential premises;

  • Room Rent Means the amount charged by a hospital for the occupancy of a bed on per day (24 hours) basis and shall include associated medical expenses.

  • Annual Rent means the amount payable by Tenant to Landlord in respect of each year of the Term under Article 4.01.

  • residential premises means a house, building, structure, shelter, or mobile home, or portion thereof, used as a dwelling, home, residence, or living place by 1 or more human beings. “Residential premises” includes an apartment unit, a boardinghouse, a rooming house, a mobile home, a mobile home space, and a single or multiple family dwelling, but does not include a hotel, a motel, motor home, or other tourist accommodation, when used as a temporary accommodation for guests or tourists, or premises used as the principal place of residence of the owner and rented occasionally during temporary absences including vacation or sabbatical leave.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Lease or rental means the leasing or renting of tangible personal property and the possession or use